PIMCO EqS Long/Short Fund INSTL (PMHIX)

All data as of 04/30/13, unless otherwise indicated.
PIMCO
Objective
The Fund seeks long-term capital appreciation.
Primary Portfolio
Long and short positions of equity and equity-related securities, and cash and cash equivalents
At a Glance
SymbolPMHIX
CUSIP Number 72201T540
Total Fund Assets (in millions) $325.9
Share Class Inception Date 4/20/2012
Dividend Frequency Annually
Maximum Sales Charge -
Net Operating Expenses 1.40 %
Total Annual Operating Expenses 1.61 %

Daily Price
NAV Day Return
$11.13 -$0.09 -0.80%
YTD Return
18.66%
As of 05/22/13

Historical Prices

05/17/13

$11.44

05/20/13

$11.28

05/21/13

$11.22
Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did. Click Performance tab for performance current to the most recent month-end.
Fund Overview
Summary

A concentrated, long-biased global equity strategy with a focus on both capital appreciation and capital preservation

Participating in equity market rallies while also protecting capital during extended market declines, is an important goal for many investors. PIMCO EqS Long/Short Fund seeks to balance capital appreciation, driven by active, bottom-up stock selection, with capital preservation, driven PIMCO’s top-down macroeconomic outlook.


Why Invest In This Fund
A high-conviction approach with a focus on capital preservation

The fund’s high-conviction approach – taking sizable positions in the manager’s highest conviction long ideas – provides the potential for strong returns, while hedging risk through cash management and selective shorting offers the ability to preserve capital when economic risks are high. The fund’s focus on both generating returns and preserving capital has resulted in attractive risk-adjusted performance over the long term.


Increased ability to generate alpha and mitigate downside risk in various market environments

While the fund is generally long-biased, it has the added potential to generate alpha by being opportunistic and selectively taking short positions. The fund also has the ability to fine-tune equity market risk, guided by the firm’s macroeconomic outlook and market views, by adjusting its mix of long, short and cash positions. Through its flexibility to take long and short positions as well as manage cash, the fund seeks to generate outperformance over the long-term in various market environments.


Fully integrates bottom-up stock selection with PIMCO’s top-down views

The fund is managed by Geoffrey Johnson, an experienced long/short equity investor who is focused on combining performance upside, driven by active bottom-up stock selection, with capital preservation, driven by top-down macroeconomic analysis. The fund manager’s integrated top-down and bottom-up investment process has been enhanced by PIMCO’s macroeconomic insights and global investment expertise.

View All Fund Literature

Managers

Geoffrey Johnson

Mr. Johnson is an executive vice president in the Newport Beach office and a global equity portfolio manager focusing on long/short active equity strategies. Prior to joining PIMCO in 2012, he was managing partner of Catamount Capital Management, a boutique investment management firm, where he also served as portfolio manager on two long/short equity strategies. Earlier in his career, Mr. Johnson was founder and president of Direct Response. He has 10 years of investment experience and holds an MBA from the Wharton School of the University of Pennsylvania. He also holds master's and bachelor's degrees in political science from the University of Connecticut.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor or PIMCO representative.  Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. Please read them carefully before you invest or send money.

A word about risk: Equities may decline in value due to both real and perceived general market, economic and industry conditions. Investments in value securities involve the risk the market’s value assessment may differ from the manager and the performance of the securities may decline. Investing in securities of smaller capitalization and mid-capitalization companies tend to be more volatile and less liquid than securities of larger companies. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets.  Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The Fund is non-diversified, which means that it may invest its investments in a smaller number of issuers than a diversified fund.

Annual Report of Proxy Voting Records, Form N-PX »
Quarterly Schedule of Portfolio Holdings, Form N-Q »

Past performance is not a guarantee or a reliable indicator of future results. For funds with at least a 3-yr history, Morningstar calculates a Morningstar Rating based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees) with an emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating is a weighted average of the performance figures for its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics. Morningstar, Inc.® 2011. All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Hollow stars represent a class of shares with inception dates that is different than the inception date of the fund. For the period prior to the inception date of these shares, performance information is based on the performance of the fund’s Institutional Class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other expenses paid by the newer share class.


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